Corporations Amendment Regulation 2012 (No. 5)
(171 of 2012)
12 July 2012
Corporations Act 2001
1 Name of regulation
This regulation is theCorporations Amendment Regulation 2012 (No. 5).
2 Commencement
This regulation commences on the commencement of Schedule 1 to theCorporations Legislation Amendment (Audit Enhancement) Act 2012.
3 Amendment of Corporations Regulations 2001
Schedule 1 amends theCorporations Regulations 2001.
Schedule 1 Amendments
[1] After Part 2M.4
insert
Part 2M.4A Annual transparency reports for auditors
2M.4A.01 Application
This Part applies in relation to annual transparency reports for:
(a)the transparency reporting year in which Schedule 1 to theCorporations Legislation Amendment (Audit Enhancement) Act 2012commences; and
(b)all later transparency reporting years.
Note For the definitions of annual transparency report and transparency reporting year , see section 9 of the Act.
2M.4A.02 Content of annual transparency report (Act s 332B)
(1)For subsection 332B (1) of the Act, Schedule 7A sets out the information that an annual transparency report published in accordance with subsection 332A (2) of the Act must contain.
(2)If the report is published by an audit firm or authorised audit company, see Part 2 of Schedule 7A.
(3)If the report is published by an individual auditor, see Part 3 of Schedule 7A.
[2] After Schedule 7
insert
Schedule 7A Content of annual transparency report
(subregulation 2M.4A.02 (1))
Part 1 Interpretation for Schedule 7A
7A101 Interpretation
In this Schedule:
management body , for an authorised audit company, means the Board of Directors.
relevant transparency reporting year means the transparency reporting year to which an annual transparency report relates.
Note 1 Many terms and expressions used in this Schedule have the meaning given by the Act. For example:
annual transparency report
audit
audit activity
audit firm
authorised audit company
director
engage in audit activity
financial year
individual auditor
non-audit services provider
professional accounting body
professional member of an audit team
remuneration
transparency reporting auditor
transparency reporting year.
Note 2 See regulation 2M.4A.01 for an application provision that, read in combination with regulation 2M.4A.02, is relevant to Schedule 7A.
Part 2 Prescribed information for audit firm or authorised audit company
|
Item |
Information |
|
7A201 |
A description of the transparency reporting auditor's: (a)legal structure; and (b)ownership |
|
7A202 |
If the transparency reporting auditor belongs to a network, a description of: |
|
(a)the network; and (b)the legal arrangements of the network; and (c)the structural arrangements of the network |
|
|
7A203 |
A description of the transparency reporting auditor's governance structure |
|
7A204 |
A description of the transparency reporting auditor's internal quality control system |
|
7A205 |
A statement by the transparency reporting auditor's administrative body or management body on the effectiveness of the functioning of the transparency reporting auditor's internal quality control system in the relevant transparency reporting year |
|
7A206 |
The name of each body that is authorised to review the transparency reporting auditor (for example, ASIC or a professional accounting body) and the date of the most recent review of the transparency reporting auditor conducted by the body |
|
7A207 |
The names of bodies of the kinds mentioned in subsection 332A (1) of the Act for which the transparency reporting auditor conducted an audit under Division 3 of Part 2M.3 of the Act in the relevant transparency reporting year |
|
7A208 |
A statement about the transparency reporting auditor's independence practices in the relevant transparency reporting year, including the date on which the transparency reporting auditor most recently conducted an internal review of its independence compliance |
|
7A209 |
A statement about the policy that the transparency reporting auditor follows regarding the minimum amount and nature of continuing or other professional education that professional members of an audit team must undertake during the relevant transparency reporting year |
|
7A210 |
Financial information for the transparency reporting auditor that relates to the relevant transparency reporting year, including: (a)total revenue; and |
|
(b)revenue relating to: (i)audits of financial statements conducted by the transparency reporting auditor; and (ii)other services provided by the transparency reporting auditor |
|
|
7A211 |
Information concerning the basis for remuneration of: (a)the audit firm's partners; or (b)the authorised audit company's directors |
Part 3 Prescribed information for individual auditor
|
Item |
Information |
|
7A301 |
If the transparency reporting auditor belongs to a network, a description of: |
|
(a)the network; and (b)the legal arrangements of the network; and (c)the structural arrangements of the network |
|
|
7A302 |
A description of the transparency reporting auditor's internal quality control system |
|
7A303 |
The name of each body that is authorised to review the transparency reporting auditor (for example, ASIC or a professional accounting body) and the date of the most recent review of the transparency reporting auditor conducted by the body |
|
7A304 |
The names of bodies of the kinds mentioned in subsection 332A (1) of the Act for which the transparency reporting auditor conducted an audit under Division 3 of Part 2M.3 of the Act in the relevant transparency reporting year |
|
7A305 |
A statement that sets out the transparency reporting auditor's independence practices in the relevant transparency reporting year |
|
7A306 |
Financial information for the transparency reporting auditor that relates to the relevant transparency reporting year, including: (a)total revenue; and (b)revenue relating to: (i)audits of financial statements conducted by the transparency reporting auditor; and (ii)other services provided by the transparency reporting auditor |